Rover Project Partial Surrender Report 12 May 2016 to 11 May 2017 EL 25581

Abstract

Up until recently EL 25581 formed part of the Rover Joint Venture between Tennant Creek Gold (NT) Pty Ltd, WDR Base Metals Pty Ltd (Base Metals) and Western Desert Resources Ltd (WDR). EL 25581 was granted to Tennant Creek Gold Pty Ltd, a wholly owned subsidiary of TNG Ltd (TNG), on 11th May 2009. TNG had entered into a farm-in agreement with Base Metals and WDR on 27th February 2008, which allowed Base Metals to earn an 80% share in the tenement. This earn in was achieved and the 80% transfer to WDR completed on 7 July 2014. TNG were made aware on 4 September 2014 that Administrators and Receivers had been appointed to WDR (Parent Company) and were to handle the sale of the company's non-core assets, including EL 25581. Since this time TNG have been liaising with the Administrators (Ferrier Hodgson) and subsequently the Liquidators (Duncan Powell) in order to reach an agreement for the transfer of EL 25581 back to Tennant Creek Gold. The agreement was signed in January 2017 and the transfer to Tennant Creek Gold and on to Todd River Metals Pty Ltd is in progress. A reduction of blocks (187 blocks down to 100 blocks) and a two-year renewal were submitted in May 2017. Minimal exploration has been undertaken on the surrendered areas of EL 25581. In 2009 a helicopter airborne magnetic/radiometric survey was flown over the northern part of the exploration licence. The data was collected on east-west flight lines at a line separation of 50m and a terrain clearance of 50m. A total of 5766 km's was flown. Figure 4 shows the extent of the survey and while the boundaries extend into surrendered blocks the majority of the survey still sits within retained blocks. In April 2011 an airborne electromagnetic and HELITEM (EM) survey was carried out on EL 25581. The survey comprised 18 lines for a total of 377 km. Figure 4 shows the seven lines which extend through the surrendered blocks. As with the 2009 geophysical survey these lines also extend through retained blocks. No data from either survey has been included with this report as it is not considered that the data subsets will be meaningful stand-alone datasets for in further exploration.